Blame Government for Debit Card Changes

We're just beginning to see the impact of the Dodd-Frank financial reform act with over 500 new regulations entering the pipeline. Yet, the fresh-out-of-the-gate price control on debit cards has already sparked an uproar.

This has sparked some consumer backlash, but instead of laying blame on financial institutions, it should be placed squarely at the feet of Sen. Durbin and the Federal Reserve. Changes to consumers' bank accounts or debit cards would not have occurred had this law never been implemented.

Americans for Tax Reform strongly supports the Chaffetz-Owens Consumer Debit Card Protection Act. As predicted, the interchange price controls by Sen. Durbin and the Fed have dramatically altered the market for debit cards and negatively impacted consumers in the process. The rule should be rolled back in its entirety.